Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Greenlight's Einhorn exits Macy's at a loss: letter

Published 07/26/2016, 10:23 AM
Updated 07/26/2016, 10:30 AM
© Reuters. David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York

© Reuters. David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York

BOSTON (Reuters) - Hedge fund manager David Einhorn told investors on Tuesday that his Greenlight Capital lost money on battered retailer Macy's Inc (N:M) and exited the position roughly six months after getting in.

"We sold Macy's for a loss after the company announced a significant reduction in full-year 2016 guidance," Einhorn said in a letter seen by Reuters. Macy's and Apple (AAPL).O> were "material losers" for the firm as it lost 2.6 percent in the second quarter, the letter said.

© Reuters. David Einhorn, president of Greenlight Capital speaks at the Sohn Investment Conference in New York

Greenlight sold Macy's at $32.08 a share after having told investors in January that it had bought the stock at $45.69.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.